The purpose of this paper is to investigate the relationship between the sales volume of a firm and its brand image. Consumers’ self‐perception and perception of brand image, with respect to congruency models, have a strong influence on their behavior in the marketplace. Therefore it is expected that the fluctuations (the authors use fluctuation and variation interchangeably) in image attributes will explain the fluctuations in sales figures. In order to test this hypothesis, consecutive surveys were carried out, on a monthly basis to collect image data. Factor analysis was performed on the image attributes over time and three main image factors were attained. To determine the net effect of image attributes on sales, multiple regression analysis was performed, using the time series data, and all three image factors were found to be significant in the model.
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